Credit notes are official documents prepared by the supplier to be given to the purchaser.
Create a Credit Note
Learn more about how to create a Credit note here.
Acknowledgment of Return of Goods
In return for a Debit Note, suppliers issue a Credit Note to accept the goods returned formally and to record the amount accountable for these goods.
In the seller’s Journal Entries, this Sales Return will be recorded.
Sales Return Account
Correcting Overstated Invoice
Suppliers may also issue a Credit Note within 30 days to rectify previous invoices that had overstated the amount that the purchasers have to pay.
What happens after issuing a Credit Note?
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